The Case of a Gluttonous Bank en route to Morbid Obesity
After reviewing the state of affairs at NECB, I have to agree with what the market is saying: the bank's directors have dissipated half of its value since it came public in 2006, and their expansion plans are only taking it down.
To watch how they gorge themselves at the expense of shareholders is just plain revolting. The two Kennies in charge ought to be ashamed of themselves, cut their salaries, dispose of their far-flung branches, take the rest of the bank's shares public, buy back what stock they can, sell to the highest bidder, and spare us their ugliness.
Disclosure: As of this posting, I do not own shares of NECB but may subsequently purchase them.
Customers Bancorp, Wyomissing, PA (privately held) - Recently purchased CMS Bancorp (CMSB) of White Plains and has expressed intentions to continue growing in New York
Hudson Valley Holding, Younkers, NY (HVB) - Five times bigger than NECB with overlapping branches
Peoples United Financial, Bridgeport, CT (PBCT) - An acquisitive bank with overlapping branches
(as of 06/30/2012)
Kenneth Martinek, Chairman, President, and CEO
Kenneth H. Thomas, Director and "Consultant"Salvatore Randazzo, CFO and Executive VP
NECB isn't earning anything close to a reasonable return